Thanks for joining us today. You don't say what type of trust this is or the nature of the lease. Which could have lead to complications should you ever choose not to file a joint return. However, as long as you are filing jointly it should not have any federal tax consequences. I don't know your state of residency as some states to have different ways of calculating taxes and you could file separately in some states while filing jointly on the federal.
So in short you are be okay for federal as long as you continued to file jointly and if you live in a state with no income tax. However for a better answer if you want to give some additional details of type of trust/lease/state of residency we could better define your answer.
Thanks for attending today!
in NY, its a family farm we put in under Living Trust with both husband and wife as primary, we have 2 1099s we get from different parties. One is for rent to farm the land and another from the Solar contract to hold the land in case they ever put Solar on it ( small check for now, if solar ever goes in, we will put into a LLC but for now all payments go under 1 SS) We just did trust this year, before that everything went under Husbands income
Do you see any concerns?
No perfect just wanted to make sure the type of trust and state. You will be fine unless at some point you wanted to file separate so just keep that in mind! Have a great day.
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